GLOBAL - US tax payers will be forced to pick up the tab for collapsed defined benefit schemes, if legislative reforms are not enacted to improve the sickly financial position of the Pensions Benefit Guaranty Corporation.
The PBGC’s total deficit hit a record $11.5bn in 2003 as its liabilities ballooned to $46.5bn from $29.8bn in 2002. The trusteeship of Bethlehem Steel’s $3.6bn pension plan in 2003 dealt a further ...
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